Reckless Lending's Fallout Continues as MBA Show 1 in 7 Mortgages Past Due
The Mortgage Bankers Association (MBA) reported today that a record number of loans—1 in 7—is delinquent, up from 1 in 10 a year ago. Today's numbers also show that 1 in 22 families in the U.S. is in the process of losing their home, up from 1 in 34 a year ago. Based on these figures, we are now on track for 2.9 million foreclosure starts in this year alone. The lenders' trade association is quick to blame this worsening trend on higher unemployment levels. But that ignores the fact that reckless lending precipitated the economic crisis and prolongs it each day with every new foreclosure